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Weekly Life Insurance News Roundup

June 25th, 2012 | Posted by Editor in News

CommInsure adds to restructured advice team
CommInsure has added to its newly restructured retail advice distribution team with the appointment of Ben Bancroft as national accounts manager. Tony Smith, former head of national accounts departed CommInsure for ClearView Wealth in February, prompting a reshuffle.

Depressed? You’ve got Buckley’s getting insurance
PEOPLE with a history of depression, insomnia or stress are being denied access to insurance, with health experts accusing the industry of systemic discrimination against those with even mild mental health problems.

SPAA set to grab a bigger role
The new form of limited Australian Financial Services Licence could see up to 10,000 accountants provide advice on self-managed superannuation funds (SMSFs) and superannuation in general, as well as advice on basic deposit products, general and life insurance, securities, and simple managed investment schemes.

FOFA passes as industry backs professionalism
Industry bodies have broadly welcomed yesterday’s passage of the FOFA legislation through the Senate, with the focus on codes of conduct effectively setting up the industry for self-regulation amid the push towards professionalism and better consumer protection.

Life data reflects market volatility
The Australian life insurance industry remained in good shape last year, but appeared to suffer from the same volatility and uncertainty which affected broader investment markets, according to the latest data released by the Australian Prudential Regulation Authority (APRA).

ASIC imposes license conditions on insurance group
ASIC has imposed additional compliance conditions on Sydney-based insurance group, Australian Life Insurance Distribution Pty Ltd (ALI Group), for failing to comply with a number of its obligations as an Australian financial services (AFS) licensee.

This material is not intended to constitute personal advice, and must not be relied on as such. This information has been prepared without taking into account your objectives, financial circumstances or needs. Before making a decision based on this material, you should consider the appropriateness of this material having regard to your own objectives financial circumstances and needs. You should consider obtaining independent advice before making any decision.

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